Let’s face it – saving for a home is a big deal. The process of saving money for a home deposit and mortgage can feel like it’s taking forever, and might involve some sweat and tears along the way. But it doesn’t have to be that way. To find out how you can start saving for your first flat or house right now, check out our key steps to saving for a house.
1) Get rid of any debt
Saving to buy a flat or house is a lot more difficult when you’ve got a tower of debt to contend with. If you have a car payment or a credit card loan to sort out, address this as soon as you can. A hot tip for saving for your mortgage – get rid of any lingering debt so you can avoid a difficult mortgage repayment plan!
2) Set a savings goal
You can’t start saving until you have an idea of how much you need to save. Set a savings target per month, and stick to it with your life. There are loads of apps that you can use to keep track of how much you are saving, while most banks offer separate accounts for you to stow away your savings.
3) Cut out on unnecessary expenses
Living a life of luxury can be tempting. But if you really want to buy an apartment of your own, consider cutting back on unnecessary expenses. Do you really need to eat out for lunch all the time, or can you bring a packed lunch from home? Do you really need to book an Uber to get to a location that is basically walking distance? Making these minor adjustments to your daily life is one of the best ways to save for a flat in the long run.
4) Use cash, not your card!
When you have a credit or debit card, it can sometimes feel like limitless money in the palm of your hand. If you make the switch to cash, you have a much more physical embodiment of the amount of money you have to play with. If you want to be more conservative and smart with your money, cash is your best friend!
5) Sell unwanted items
If you want to know how to save for a flat quickly, get into the habit of selling things you no longer need! Whether it’s an old jacket or vintage record player, who knows how much your old junk could sell for?
6) Rethink your living situation
Okay, so this is a pretty drastic step. But if you find that renting out a place is killing your chances of saving for an apartment or house, maybe consider living elsewhere? Paying rent will make saving for a home a lot more difficult, so if you are lucky enough to have the option, living with a parent/close friend could ironically make it quicker for you to move out.
Now that you know how to save for a home, it might be high time for you to think about your options. If you are looking for a high-quality home, Weston Homes has got your back with a host of plush apartments – click here to find out more!
